The Chennai IT Corridor, which primarily spans the OMR (Old Mahabalipuram Road) and its surrounding areas, has been a significant driver of real estate demand in the city for the past several years. As the hub of Chennai's information technology (IT) and software development industries, this corridor has seen substantial development in both commercial and residential real estate markets. Here's how it is shaping real estate demand:
1. Proximity to IT Parks and Business Hubs
The Chennai IT Corridor is home to several key IT parks, such as Tidel Park, DLF IT Park, and many others, which attract a large number of professionals working in the IT sector. Employees working in these companies prefer living close to their offices to reduce commute time, leading to a demand for residential properties like apartments, villas, and gated communities along the corridor.
2. Infrastructure Development
The ongoing infrastructure improvements, such as the expansion of roads, flyovers, the metro rail network, and better connectivity to the airport, have made the Chennai IT Corridor an increasingly attractive place to live and work. As more people move to these areas, demand for residential and commercial real estate continues to grow.
3. Rising Commercial Real Estate Demand
Due to the significant presence of IT companies, there has been an increasing demand for commercial office spaces in the IT Corridor. Major real estate developers are investing in creating Grade A office spaces, which are attracting multinational companies and startups to set up their offices here. This demand is driving further growth in commercial real estate, leading to better infrastructure and amenities being provided in the area.
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4. Residential Projects and Affordable Housing
The rapid growth of the IT sector has resulted in a demand for housing options catering to various income groups. Builders are launching residential projects with different price ranges, including premium, mid-range, and affordable housing options. This diversity in offerings is aimed at professionals working in IT firms who might have different housing preferences. Additionally, the demand for serviced apartments and rental accommodations has increased due to the influx of people relocating for work.
5. Transformation of Nearby Areas
Neighboring areas such as Velachery, Sholinganallur, Siruseri, and Thoraipakkam have seen significant real estate development, both residential and commercial. These areas have become self-sufficient, offering schools, hospitals, malls, and other necessary infrastructure, further driving real estate demand.
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6. Attractive for Investors
The Chennai IT Corridor has also become a hotspot for real estate investors due to the high potential for capital appreciation. The growth in employment and infrastructure, coupled with the increasing demand for both commercial and residential spaces, makes it an attractive location for investment. Investors are particularly looking at areas with upcoming developments, as these have the potential for long-term gains.
7. Increased Connectivity to Other Parts of Chennai
With the improvement in transportation and connectivity, including easy access to the city center and other suburban areas, professionals and families are more likely to choose the IT Corridor for its convenience. Areas like Taramani, Adyar, and Kotturpuram, which are close to the corridor, are also seeing a surge in real estate development.
The Chennai IT Corridor is having a profound impact on real estate demand in the region. The influx of IT professionals, rapid infrastructure development, and the expansion of commercial hubs are leading to higher demand for both residential and commercial properties. The area is expected to continue to evolve, with further growth likely in both demand and property values, making it a key area for developers and investors to watch.
